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Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Outstanding Equity Awards
The following table provides a summary of the Company's outstanding equity awards (in shares or units, as applicable) as of December 31, 2025:
Restricted stock
Restricted stock related to compensation plans:
Annual grants395,782 
Sign-on grants93,064 
Inducement grants9,234 
2022 Inducement Plan grants
63,305 
2024 Inducement Plan grants
34,746 
Total restricted stock related to compensation plans596,131 
Restricted stock related to acquisitions (1)266,505 
Total restricted stock862,636 
Restricted stock units113,685 
Stock options105,767 
(1)Includes restricted stock with service conditions issued in conjunction with certain acquisitions.
Schedule of Maximum Payout Leverage for Leadership Grants The maximum payout leverage by grant year is as follows:
Maximum Payout Leverage
Grant YearPerformance ConditionMarket Condition Total
202575%75%150%
202475%75%150%
2023100%100%200%
202275%75%150%
202175%75%150%
Schedule of Expected Payout Leverage for Performance Condition RSUs As of December 31, 2025, the expected payout leverage for the performance condition portion of the award by grant year is as follows:
Expected Payout
Grant YearLeverage
202575%
202475%
202363%
Schedule of Market Condition RSU Valuation Assumptions The fair value of the market condition portion of the award was determined on the grant date using a Monte Carlo simulation with the following assumptions:
Risk-Free
Expected Stock
Grant YearVesting YearInterest RatePrice Volatility
202520284.32%34.0%
202420274.38%34.3%
202320264.35%47.5%
202220251.80%43.8%
202120240.23%43.2%
202020231.40%27.3%
Schedule of Stock Options Valuation Assumptions
The fair value of these stock option awards was estimated on the respective date of grant using the Black-Scholes option-pricing model with the following assumptions:
February 2023February 2018
GrantGrant
Risk-free interest rate3.94 %2.82 %
Dividend yield3.21 %3.22 %
Expected stock price volatility38.50 %37.20 %
Expected life of options (in years)7.07.0
Fair value of options granted (per share)$46.71 $24.49 
Schedule of Stock-Based Compensation Expense
The following table summarizes the Company's stock-based compensation activity:
Year Ended December 31,
(Amounts in millions)202520242023
Stock-based compensation expense$121.8 $101.9 $92.3 
Forfeitures1.8 2.6 1.9 
Tax benefit related to stock-based compensation expense23.5 16.4 17.9 
Changes in Unvested Restricted Stock
The following table summarizes the changes in the Company's unvested restricted stock:
UnvestedWeighted Average
Restricted StockGrant Date
(in Shares)Fair Value 
December 31, 20224,219,826 $92.43 
Granted336,093 153.89 
Vested(1,932,950)85.62 
Canceled(29,047)144.34 
December 31, 20232,593,922 $104.89 
Granted311,014 217.55 
Vested(1,128,342)99.15 
Canceled(36,466)139.97 
December 31, 20241,740,128 $128.01 
Granted194,572 310.86 
Vested(1,059,929)109.51 
Canceled(12,135)213.25 
December 31, 2025862,636 $190.79 
Changes in Unvested Restricted Stock Units
The following table summarizes the changes in the Company's unvested restricted stock units:
UnvestedWeighted Average
RestrictedGrant Date
Stock UnitsFair Value
December 31, 2022188,328 $115.16 
Granted48,931 177.75 
Vested(56,066)86.01 
Canceled— — 
December 31, 2023181,193 $141.08 
Granted33,694 199.39 
Vested(62,569)103.69 
Canceled— — 
December 31, 2024152,318 $169.34 
Granted31,060 298.65 
Vested(69,693)148.90 
Canceled— — 
December 31, 2025113,685 $217.19 
Changes in Outstanding Stock Options
The following table summarizes the changes in the Company's outstanding stock options:
Weighted Average
WeightedRemaining
OptionsAverageContractual TermAggregate
Outstanding
Exercise Price
(in Years)Intrinsic Value
December 31, 202281,667 $99.00 5.1$2,547,194 
Granted75,000 170.76 
Exercised— — 
Canceled— — 
Expired— — 
December 31, 2023156,667 $133.35 6.5$6,504,325 
Granted— — 
Exercised(8,000)99.00 1,334,949 
Canceled— — 
Expired— — 
December 31, 2024148,667 $135.20 5.7$24,492,634 
Granted— — 
Exercised(42,900)99.00 9,341,557 
Canceled— — 
Expired— — 
December 31, 2025105,767 $149.89 5.7$20,077,175 
Options exercisable at:
December 31, 202381,667 $99.00 4.1$6,196,075 
December 31, 202473,667 $99.00 3.1$14,803,384 
December 31, 202530,767 $99.00 2.1$7,405,925